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The Factors Behind Settlement Determination in Car Accident

Car Accident

Car accidents can be financially devastating. For those who are injured in a car accident that was not their fault, compensation may be needed to get their finances back on track and cover all of the expenses related to the accident. While this most commonly covers current medical costs and vehicle damages, it can cover a lot more, too. Everything should be taken into account to determine the preferred settlement amount and prepare for negotiations. 

Medical Bills

Medical bills play a large part in how settlements are determined, but it’s not just the current medical costs. Depending on the severity of injuries, victims of car accidents can end up having accident-related medical costs far into the future or for the rest of their lives. The victim may need money through the settlement to help cover the medical care they’ll need in the future as well as medical devices or gear that might be required because of the injuries. 

Damages to Vehicles and Other Property

Damage done to the vehicle or other personal property should also be covered in the settlement. There are a number of repairs that are commonly needed after a car accident, but the exact collision repair necessary will depend on how the accident occurred and how bad the damage is to the vehicle. If the vehicle is too damaged to be repaired, it may need to be replaced. In this case, the settlement should cover the cost of a comparable vehicle. 

Lost Wages or Loss of Future Earnings

A victim of a car accident may not be able to work for a period of time while they recover from their injuries, and the lost wages should be included as a part of the settlement to make them whole again. Depending on the severity of the injuries, the person may not be able to work again. If this happens, their future earning capability may also be included in the settlement, so they don’t have to go without an income just because they happened to be the victim of a car accident. 

Miscellaneous Expenses

There may be other miscellaneous expenses that would otherwise not be incurred if the person was not involved in an accident. If, for instance, they are severely injured and unable to care for their children for a period of time, they may have to hire a nanny to help. This expense may be requested as a part of the settlement, as they would not have hired a nanny if they were able to provide the child’s care on their own. It can also include the cost of hiring a lawyer and all other expenses that would otherwise not be necessary if the accident did not occur. 

It’s not always easy to determine a settlement amount after a car accident, as there are numerous factors that can go into it. When a victim of a car accident needs help determining what to request for a settlement, it is always a good idea for them to speak with a lawyer. A lawyer can review the case to determine what expenses should be covered in an accident and work hard to make sure their client receives the full amount of compensation they’re entitled to under current laws. Doing this can help the victim gain more compensation for the accident, so they don’t have to pay any expenses out of pocket. 

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Medical Device News Magazine provides breaking medical device / biotechnology news. Our subscribers include medical specialists, device industry executives, investors, and other allied health professionals, as well as patients who are interested in researching various medical devices. We hope you find value in our easy-to-read publication and its overall objectives! Medical Device News Magazine is a division of PTM Healthcare Marketing, Inc. Pauline T. Mayer is the managing editor.

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